The winter months may not seem like the time to purchase a new home, but remember, sellers listing their homes during these months are motivated to sell.
Let USDA Rural Development help you take advantage of this opportunity with a Single Family Housing Direct Home Loan. The Section 502 Direct Loan Program assists low and very-low income applicants obtain decent, safe and sanitary housing in eligible rural areas.
All counties in South Dakota have a maximum loan limit of $216,840. No down payment is required, and a portion of the loan closing costs may be included in the loan.
Applicants must:
• Be without decent, safe and sanitary housing (not currently owned).
• Be unable to obtain a loan from other resources on terms and conditions they can reasonably be expected to meet.
• Agree to occupy the property as their primary residence.
• Have the legal capacity to incur a loan obligation.
• Meet citizenship or eligible noncitizen requirements.
• Not be suspended or debarred from participation in federal programs.
• Meet credit and income guidelines.
Approval amount is based on household income and monthly debt obligations. For program information, or to request an application, contact your local USDA Rural Development.
For further information on this program, please contact one of the following Housing Specialists:
Aberdeen Area Office - Roxanne Woodring, roxanne.woodring@sd.usda.gov, or 605-226-3360, Ext. 4, servicing Beadle, Brown, Campbell, Day, Edmunds, Faulk, Marshall, McPherson, Roberts, Spink, and Walworth.
Mitchell Area Office - April Norton, april.norton@sd.usda.gov, or 605-996-1564, Ext. 4, servicing Aurora, Bon Homme, Charles Mix, Clay, Davison, Douglas, Hanson, Hutchinson, Jerauld, McCook, Sanborn, Turner, Union, and Yankton.
Pierre Area Office - Paula Corcoran, paula.corcoran@sd.usda.gov, or 605-224-8870, Ext. 4, serving Brule, Buffalo, Corson, Dewey, Gregory, Hand, Hughes, Hyde, Jones, Lyman, Mellette, Potter, Stanley, Sully, Todd, Tripp, and Ziebach.
Rapid City Area Office – Lance Lockwood, lance.lockwood@sd.usda.gov, or 605-342-0301, Ext. 4, serving Bennett, Butte, Custer, Fall River, Haakon, Harding, Jackson, Lawrence, Meade, Pennington, Perkins and Shannon.
Watertown Area Office - Diane Byer, diane.byer@sd.usda.gov, or 605-886-8202, Ext. 4, serving Brookings, Clark, Codington, Deuel, Grant, Hamlin, Lake, Lincoln, Kingsbury, Miner, Minnehaha, and Moody.
Information is also available on the web at www.rd.usda.gov/sd.
President Obama’s plan for rural America has produced historic investment in rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have strengthened America’s small towns and cities and helped improve the nation’s economy.